The United States of America made COLA Updates for all programs in July 2024 and changed payments to citizens. The authorities made these cost-of-living adjustment to keep up with inflation, and provide an overview of Social Security and Supplemental income benefits. The COLA increase will allow the departments to distribute more payments as financial assistance from the authorities.
Table of Contents
COLA Update July 20,24
The SSA helps people who are living below poverty levels. Social Security eligibility is determined by your eligible benefits, your retirement age, and your earnings. For example, you may be able to draw your retirement benefits when you reach 62.
COLA, or cost of living adjustments is a term you should remember when it comes to your benefits. COLA, on the other hand, is based off of a measure called Consumer Price Index for Wage Earners (CPI-W). In this case, the 2024 COLA rate was calculated using a CPI-W third quarter rate of 3.2%.
| Organization | Social Security Administration |
| Benefit Type | Cost of Living Adjustment (COLA). |
| Country | USA |
| Increase Rate | 3.2% |
| Age Criteria | Age 62 & Above |
| Official Website | https://www.ssa.gov/cola/ |
COLA and Social Security Update July 2024
Benefits of COLA have been linked to Social Security benefits, depending on the factors that are increasing. An increase in COLA will automatically increase financial security benefits.
- Social Security benefits have increased by 3.2% as the COLA rate is projected to be 3.2% by 2024.
- Social Security benefits will be maximized for seniors who claim them by 70.
- The CPI-W affects the increase in COLA. In 2024, the maximum income taxable is $168.600.
- The Consumer Price Index (CPI) will be calculated at the end July 2024.
| cai carbon tax rebate cheques dates 2024 |
| yahoo data breach settlement 2024 |
| Facebook Settlement Payout Date |
| 1312 stimulus payment schedule 2024 |
| cibc class action lawsuit 2024 |
2024 Social Security Changes
| Particulars | 2023 | 2024 |
| Tax rate for employee | 7.65% | 7.65% |
| Tax rate for self employed | 15.30% | 15.30% |
| Taxable earnings | $160200 | $168600 |
| Social Security benefits at FRA | $3627 per month | $3822 per month |
| SSI payment for individual | $914 per month | $943 per month |
| SSI payment for couples | $1371 per month | $1415 per month |
| SSI student exclusion annually | $8950 | $9230 |
| Average monthly Social Security benefits for retired ones | $1848 | $1907 |
| Average monthly Social Security for aged ones | $2939 | $3033 |
| Average monthly Social Security benefits for widowed mother and 2 children | $3540 | $3654 |
COLA and Disability Benefits in 2024
Benefits provided to citizens with disabilities who cannot work and earn money to meet their basic needs are also dependent on the program benefits. The COLA, like any other program will affect disability benefits.
Single individuals will receive a monthly benefit of $943. Married couples who file taxes jointly receive $1415 per monthly benefit. These benefits were increased following an increase in COLA, and implemented on the 1st of January 2024.
Dates of COLA Payment 2024
| Payment Date | Description |
|---|---|
| First of each month | Supplemental Security Income benefits are paid out on the first of each month. |
| 10th July 2024 | Beneficiaries born on the 1st or 10th of any month will receive their payment on 10th July 2024. |
| 17th July 2024 | Beneficiaries born between the 11th and 20th of each month will receive their payment by 17th July 2024. |
| 24th July 2024 | Beneficiaries born between the 21st and 30th of each month will receive their payment on 24th July 2024. |